Jack Byerley

Whilst we are very conscious that markets have moved a long way since the lows in April, we are maintaining a neutral stance towards equities. Rate cuts are supportive and growth remains fairly robust in most regions. However, valuations are clearly stretched in some areas and participation appears to be high, which gives us some ground for concern. We have recently reduced risk within Equities, adding Healthcare, a defensive sector with positive long term growth potential and attractive valuations.

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